IFB Agro Industries Limited (IFBAGRO) share price

₹884.45 on NSE as of 2026-09-11. +1.10% on the day. market cap ₹828 Cr. P/E 13.9. 52-week range ₹683.30 to ₹1753.20. Fast Moving Consumer Goods.

What the company does

Incorporated in 1982, West Bengal-based IFB Agro is engaged in the manufacturing of ENA and bottling of country liquor, as well as trading of shrimp and fish feed, marine exports and domestic retail.

Filed by India Ratings, page 6.

IFB Agro Industries Q1 FY27: Revenue Up 35.6% While the Marine Segment Posts a ₹6.6 Cr Loss

At a glance

IFB Agro Industries reported revenue of ₹397 Cr for the quarter ended June 2026, against ₹293 Cr a year earlier — a 35.6% increase. Operating profit came in at ₹32 Cr on an 8% operating margin, against ₹23 Cr in the June 2025 quarter. Net profit was ₹22 Cr versus ₹18 Cr, up 18.5%. EPS for the quarter stood at ₹23.01 on the standalone statement.

Segment detail from the results statement splits the company two ways. Spirit, spirituous beverages and allied products delivered revenue of ₹287.61 Cr and a segment result of ₹36.56 Cr. Marine delivered ₹231.10 Cr of revenue and a segment result of negative ₹6.59 Cr. On the consolidated statement the marine loss widens to ₹7.70 Cr, and consolidated profit for the quarter is ₹20.35 Cr against a standalone ₹21.55 Cr — the gap being the overseas arms.

The company also notes in the results that the marine business is seasonal, so the current quarter is not strictly comparable to the corresponding prior one.

For the full year to March 2026, sales were ₹1,404 Cr with net profit of ₹61 Cr, against ₹1,059 Cr and ₹25 Cr the year before. Two years back, FY24 closed with a loss of ₹11 Cr. Borrowings moved from ₹6 Cr to ₹71 Cr over FY26, and investing cash outflow for the year was ₹163 Cr.

Something happened in FY26 to move all three of those numbers at once. It has a name, a price tag, and a state in Andhra Pradesh.

Introduction

Incorporated in 1982, IFB Agro Industries manufactures alcohol and marine products. It is Kolkata-headquartered, promoter-controlled at 65%, and has spent four decades doing two things that share almost nothing except a balance sheet.

The last three years have been busy in ways that don't always show up in a revenue line. The founder and chairman, Mr. Bijon Bhushan Nag, passed away on 28 January 2024 in Singapore, where he had been undergoing treatment since July 2023. In March 2024 the Managing Director & CEO resigned, citing health reasons. In December 2024 the CFO, Mr. Rana Chatterjee, retired. In November 2024 the company closed its wholly owned UAE subsidiary, IFB Agro Marine (FZE).

Then came the acquisition. On 31 July 2025 the company signed a business transfer agreement to buy Cargill India's commercial compound shrimp feed and freshwater fish feed business, effective 1 August 2025, for ₹110 Cr plus working capital. Management stated the acquired business had an annual turnover of ₹353 Cr as on 31 March 2025, and that the deal brought distribution network, feed formulations, assets, contracts, business liabilities, licences, employees, and manufacturing facilities at Vijayawada and Rajahmundry, Andhra Pradesh. The Q2 FY26 filing puts the acquisition cost at ₹14,477 lakhs.

At the 44th AGM on 29 July 2026, all six resolutions passed. Two of them filled the seats left empty: Mr. Rahul Choudhary as Executive Director — Finance, Strategy & Acquisition and CFO for five years, and Mr. Santanu Ghosh as Executive Director — Operations & CEO-Distillery Business for three years, both effective 28 May 2026. The public non-institutional block that bothered to vote on Choudhary's whole-time appointment cast 8,346 shares out of 31 lakh held.

The chairman also told the AGM that a newly built 25 KLPD ethanol plant was commissioned during FY26, and that ethanol sales would begin in FY27 once oil marketing companies float new tenders.

Business model

IFB Agro manufactures alcohol, bottles branded alcoholic beverages, processes marine foods for domestic and export markets, and sells feed. Read that list again and try to find the synergy. There isn't one. There is a distillery in Parganas, West Bengal, running 170 KLPD, two liquor bottling plants at Panagarh and Dankuni, six tie-up bottling units across the state, total bottling capacity around 216 million bottles a year, a marine product processing plant and a marine processing centre in Kolkata, and — since August 2025 — two shrimp and fish feed plants 1,800-odd kilometres south in Andhra Pradesh.

The FY23 revenue split had spirit and spirituous beverages at roughly 55%, other allied products 5%, marine products and others 25%, and marine feed and allied products 15%. Segment-wise, spirit was about 59% and marine 41%, with exports at 20% of revenue. In the June 2026 quarter, spirit revenue was ₹287.61 Cr and marine ₹231.10 Cr — the marine half has closed the gap considerably, which is what buying a ₹353 Cr feed business will do to a segment table.

The distillery has a history of running below what it can do. Capacity was expanded from 110 KL to 170 KL per day during FY22; management stated that full capacity could not be used because ENA supply in West Bengal exceeded demand, and that the absence of an import fee on ENA from other states alongside high input costs pressured margins. Building the bigger tap and then discovering the bucket was already full is a specific kind of capital allocation.

The feed side has had its own supply problem in reverse: dependent on third parties for fish feed supply, the company could not get enough of it, so it set up a fish feed facility at Balasore, Odisha — a plant placed outside West Bengal because, per the company, the board cited issues faced in that state and a better business environment elsewhere. West Bengal remains its major feed market. The company builds its plants in one state to sell into another, distils spirit it cannot always ship, and now feeds shrimp in Andhra Pradesh under state price control. Four businesses, four different governments to negotiate with.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for IFB Agro Industries Limited.

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